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(Reuters) -Online dating company Match Group on Monday named a new director, ratcheting up the stakes in a board battle with Anson Funds only a few days after the activist investor named its three candidates.
The company, which owns dating sites Tinder, Hinge and OkCupid, appointed e-commerce site Zulily co-founder Darrell Cavens as a director and said he will strengthen the board's expertise in digital commerce, consumer engagement and technology-driven innovation.
Match has long said it is committed to thoughtful board refreshment and plans to name directors whose experience and accomplishments align with the evolving needs of the business.
On Friday, Anson Funds identified its three candidates after a number of meetings with the company.
The hedge fund blames the board for the company's underperformance and has been pushing Match for over a year to revive its sagging business by rethinking capital allocation, cutting costs, and considering a strategic review of its MG Asia business.
Match's valuation has shrunk drastically in recent years, reducing to about $7.20 billion currently, compared with roughly $40 billion during the COVID-19 pandemic.
Dating app operators including Match and rival Bumble have been struggling to boost user engagement, failing to reverse a post-pandemic slowdown in demand. Match has made several executive shake-ups in recent years and in February named Zillow Group co-founder and former CEO Spencer Rascoff its new chief executive.
At least three activist investors have pushed for changes within the last year, including Elliott Investment Management in early 2024 and Starboard Value in July.
On Monday, Match said it does not endorse Anson Funds' nominees.
Anson said Cavens' appointment underscores the interlocking relationships of the board, something it has pointed out as a problem. "CEO Spencer Rascoff served on the board of directors at Zulily while Mr. Cavens was Zulily’s CEO," the hedge fund said.
Shares of the company fell 2% in early trading amid a wider market selloff.
(Reporting by Kritika Lamba in Bengaluru and Svea Herbst-Bayliss in New York. Editing by Leroy Leo and Mark Potter)
